17 Oct Online insider to India’s trade
A new portal launched by Commerce Secretary S.R. Rao will now enable exporters to know about trade deals struck with any country and regions helping them to target potential markets ,remain informed about the margin of preference and the advantage they would enjoy in each market. The online database has preferential tariff of top 25 destinations with which India has entered into regional or bilateral agreements or variants of them along with normal tariffs existing in these countries.
With the launch of this portal the The Commerce Department aims to resolve one major criticism of the trade pacts signed by the country i.e inability of the exporters to take advantage of the signed pacts due to insufficiency of information. Information on various technical details including the Rules Of Origin that define the minimum value addition required for a product to qualify as one originating in the exporting country, quality norms prescribed under Sanitary and Phytosanitary Measures and Technical Barriers to Trade or technical requirements of various products in different countries is provided in the portal. It also provides a search criteria based on HS Code and/or product names.
Though the portal gives a lot of information, the government of India will work on trying to expand its content. The portal is currently being managed by the Indian Institute of Foreign Trade and the Department of Commerce.